SHIKIGAKU : Consolidated Financial Results for the Year Ended February 28, 2022

Note:This document is a translation of a part of the original Japanese version and provided for reference purposes only. In the event of any discrepancy between the Japanese original and this English translation, the Japanese original shall prevail.

Consolidated Financial Results for the Year Ended February 28, 2022

[Japanese GAAP]

Company name: SHIKIGAKU. Co.,Ltd.

Stock exchange listing: Tokyo

Code number: 7049

URL:https://corp.shikigaku.jp/

Representative: Koudai Ando President and Representative Director Contact: Daisuke Sasaki Director

Phone: [phone]

Scheduled date of Annual General Meeting of Shareholders: May 27, 2022 Scheduled date of commencing dividend payments: -

Scheduled date of filing annual securities report: May 30, 2022

Availability of supplementary briefing material on annual financial results: Yes Schedule of annual financial results briefing session: Yes

April 14, 2022

(Amounts of less than one million yen are rounded down)

1. Consolidated Financial Results for the Fiscal Year Ended February 28, 2022 (March 01, 2021 to February 28, 2022)

(1) Consolidated Operating Results

(% indicates changes from the previous corresponding period.)

Net sales	EBITDA	Operating profit	Ordinary profit	Profit attributable to owners of parent
Fiscal year ended February 28, 2022 February 28, 2021	Million yen 3,823 2,506	% 52.6 45.7	Million yen 429 199	% 115.9 (38.3)	Million yen 359 137	% 161.8 (51.5)	Million yen 346 199	% 74.0 (29.3)	Million yen 224 (41)	% - -

(Note) Comprehensive income:

Fiscal year ended February 28, 2022:

Fiscal year ended February 28, 2021:

¥ ¥

396 million 0 million

[

-%]

• [ (99.7) %]

Basic earnings per share	Diluted earnings per share	Rate of return on equity	Ordinary profit to total assets ratio	Operating profit to net sales ratio
Fiscal year ended February 28, 2022 February 28, 2021	Yen 29.06 (5.60)	Yen 27.88 -	% 13.8 (4.5)	% 10.7 10.0	% 9.4 5.5

(Reference) Equity in earnings (losses) of affiliated companies:

Fiscal year ended February 28, 2022:

Fiscal year ended February 28, 2021:

¥ ¥

(21) million (12) million

(2) Consolidated Financial Position

Total assets	Net assets	Capital adequacy ratio	Net assets per share
As of February 28, 2022 February 28, 2021	Million yen 4,089 2,392	Million yen 2,731 1,138	% 57.8 37.5	Yen 290.33 120.05

(Reference) Equity:	As of	February 28, 2022:	¥	2,363 million
As of	February 28, 2021:	¥	897 million

(3) Consolidated Cash Flows

Cash flows from operating activities	Cash flows from investing activities	Cash flows from financing activities	Cash and cash equivalents at the end of period
Fiscal year ended February 28, 2022 February 28, 2021	Million yen 469 181	Million yen (69) (297)	Million yen 982 315	Million yen 2,625 1,243

2. Dividends

Annual dividends	Total dividends	Payout ratio (consolidated)	Dividends to net assets (consolidated)
1st quarter-end	2nd quarter-end	3rd quarter-end	Year-end	Total
Fiscal year ended February 28, 2021 February 28, 2022	Yen - -	Yen 0.00 0.00	Yen - -	Yen 0.00 0.00	Yen 0.00 0.00	Million yen - -	% - -	% - -
Fiscal year ending February 28, 2023 (Forecast)	-	0.00	-	0.00	0.00	-

(Note) Breakdown of the year-end dividend for the fiscal year ended February 28, 2022 :

Commemorative dividend Special dividend

- yen - yen

3. Consolidated Financial Results Forecast for the Fiscal Year Ending February 28, 2023 (March 01, 2022 to February 28, 2023)

(% indicates changes from the previous corresponding period.)

Net sales	EBITDA	Operating profit	Ordinary profit	Profit attributable to owners of parent	Basic earnings per share
Full year	Million yen 4,962	% 29.8	Million yen 474	% 10.4	Million yen 400	% 11.3	Million yen 382	% 10.4	Million yen 204	% (9.1)	Yen 24.94

* Notes:

• (1) Changes in significant subsidiaries during the period under review (changes in specified subsidiaries resulting in changes in scope of consolidation): Yes

  New 1 (Company name: SHIKIGAKU No.2 Investment Partnership Exclusion: - (Company name:

  ) )

• (2) Changes in accounting policies, changes in accounting estimates and retrospective restatement

  • 1) Changes in accounting policies due to the revision of accounting standards: No

  • 2) Changes in accounting policies other than 1) above: No

  • 3) Changes in accounting estimates: No

  • 4) Retrospective restatement: No

(3) Total number of issued shares (common shares)

1) Total number of issued shares at the end of the period (including treasury shares):February 28, 2022:

February 28, 2021:

8,196,900 shares 7,534,500 shares

2) Total number of treasury shares at the end of the period:February 28, 2022:

February 28, 2021:

55,215 shares 59,632 shares

3) Average number of shares during the period:

Fiscal Year ended February 28, 2022: Fiscal Year ended February 28, 2021:

7,738,630 shares 7,424,400 shares

(Reference) Summary of Non-consolidated Financial Results

Net sales	Operating profit	Ordinary profit	Net income
Fiscal year ended February 28, 2022 February 28, 2021	Million yen 3,319 2,223	% 49.3 29.2	Million yen 506 248	% 103.9 (15.4)	Million yen 640 277	% 131.0 (9.1)	Million yen 283 (7)	% - -

Basic earnings per share	Diluted earnings per share
Fiscal year ended February 28, 2022 February 28, 2021	Yen 36.70 (0.94)	Yen 35.19 -

Total assets	Net assets	Capital adequacy ratio	Net assets per share
As of February 28, 2022 February 28, 2021	Million yen 3,531 1,889	Million yen 2,442 948	% 69.2 50.2	Yen 299.97 126.82

1. Non-consolidated Financial Results for the Fiscal Year Ended February 28, 2022 (March 01, 2021 to February 28, 2022) (1) Non-consolidated Operating Results

(% indicates changes from the previous corresponding period.)
(Reference) Equity:	As of	February 28, 2022:	¥	2,442 million
As of	February 28, 2021:	¥	947 million

(2) Non-consolidated Financial Position

Consolidated Financial Statements

Consolidated Balance Sheets

(Thousand yen)
As of February 28,2021	As of February 28,2022
Assets
Current assets
Cash and deposits	1,243,050	2,625,498
Accounts receivable - trade	288,919	306,926
Operational investment securities	-	118,400
Merchandise	18,933	17,565
Supplies	1,514	1,493
Other	121,847	181,993
Allowance for doubtful accounts	(6,671)	(5,719)
Total current assets	1,667,594	3,246,158
Non-current assets
Property, plant and equipment
Buildings	76,437	104,340
Accumulated depreciation	(7,621)	(15,571)
Buildings, net	68,816	88,769
Tools, furniture and fixtures	21,027	24,288
Accumulated depreciation	(8,935)	(15,021)
Tools, furniture and fixtures, net	12,091	9,267
Total property, plant and equipment	80,908	98,036
Intangible assets
Goodwill	153,422	92,229
Other	40,678	128,136
Total intangible assets	194,100	220,366
Investments and other assets
Investment securities	236,737	270,487
Deferred tax assets	84,517	85,493
Other	128,693	169,171
Allowance for doubtful accounts	(150)	(200)
Total investments and other assets	449,798	524,951
Total non-current assets	724,807	843,355
Total assets	2,392,402	4,089,513

(Thousand yen)As of February 28,2021

As of February 28,2022

Liabilities

Current liabilities

Accounts payable - trade Short-term borrowings

Current portion of long-term borrowings Accounts payable - other

Accrued expenses Income taxes payable Provision for bonuses Advances received Other

Total current liabilities Non-current liabilities

Long-term borrowings Deferred tax liabilities Total non-current liabilities Total liabilities

Net assets

Shareholders' equity

Share capital Capital surplus Retained earnings Treasury shares

Total shareholders' equity Accumulated other comprehensive income

Valuation difference on available-for-sale securities

Total accumulated other comprehensive income

Share acquisition rights

Non-controlling interests Total net assets

Total liabilities and net assets

24,149 100,000

19,677 -

145,186 146,484

127,330 156,969

130,139 179,468

47,775 161,410

3,312 3,910

189,152 252,364

101,729 191,843

868,775

1,112,126

384,834 238,350

- 7,082

384,834 1,253,609

245,432 1,357,559

267,978 866,284

336,922 936,859

337,498 591,311

(45,041) 897,356

(41,754) 2,352,700

-

11,075

-

11,075

600

600

240,836

367,577

1,138,792

2,731,954

2,392,402

4,089,513